Faris Lee Arranges $7.4 Million Sale of Two Retail Buildings in Palmdale, California

The transaction included an 18,000-square-foot Planet Fitness property and a 12,028-square-foot Dollar Tree property.

Palmdale, California — Faris Lee Investments has arranged the sale of two single-tenant, freestanding retail buildings in Palmdale for a combined total of $7.4 million.

The newly developed properties are located within the Destination O-Eight power center, anchored by Walmart, Hobby Lobby, Kohl’s and Sam’s Club. The first asset, occupied by Planet Fitness, sold for $4.9 million, and the second building, occupied by Dollar Tree, sold for $2.5 million. Jeff Conover and Chris DePierro of Faris Lee Investments arranged the transaction on behalf of the seller, HFC/PRP Palmdale LLC. A private investor from New York, represented by Aegis Real Estate, acquired the 18,000-square-foot Planet Fitness property. A Los Angeles-based family trust, represented by Cushman & Wakefield, acquired the 12,028-square-foot Dollar Tree property.

Much of the spotlight surrounding in-demand tenants at today's shopping centers is focused on food and beverage and entertainment users.
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